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Easy Loans arranged a secured loan for us with Paragon. They charged us a single premium policy of just over £7000. I have decided to reclaim this amount but would just like to know who to claim from. Easy Loans or Paragon?
Please advise. I would also like to hear from anybody who claimed PPI with one of these companies.
I've just checked the terms and conditions. Paragon actually included a cash back document which states that they will refund the PPI, excluding interest after 120 months. The loan term is for 180 months. But the terms and conditions also state that should I miss a payment, they will not refund the PPI. Although I am up to date with my payments, I did miss a payment in the past. So what does this mean? Please help.
Easy Loans arranged a secured loan for us with Paragon. They charged us a single premium policy of just over £7000. I have decided to reclaim this amount but would just like to know who to claim from. Easy Loans or Paragon?
Please advise. I would also like to hear from anybody who claimed PPI with one of these companies.
Thanks
I've just checked the terms and conditions. Paragon actually included a cash back document which states that they will refund the PPI, excluding interest after 120 months. The loan term is for 180 months. But the terms and conditions also state that should I miss a payment, they will not refund the PPI. Although I am up to date with my payments, I did miss a payment in the past. So what does this mean? Please help.
I believe you may have answered your own question it looks like paragon are the ones to reclaim your PPI from. You could actually make them both answer by claiming the PPI back from both easy loans and paragon and then watch them pass the blame onto each other. Your terms and conditions and Consumer Credit Agreement is what may give a further clue.
If you could copy and post them up on your thread it could help but before posting make sure all the personal details are removed, such as names, addresses, telephone numbers, sort codes, account numbers.
Can you also supply details on date of loan?
for further information please have a look at the links in the stickies here are a couple.....
Just browse there is a lot of useful information which could help you along the way to reclaim.
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I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Looking at the terms and conditions it would seem that you would be allowed to be no more than one months payment in arrears. I would however write and ask them to confirm that you will still qualify for the rebate of £7931.00 in 2015, having been one payment behind. If they say no I would consider cancelling the agreement and claiming all the PPI premiums paid so far plus the interest at 0.545% per month. You will probably find a cheaper option of PPI if you still need it. Some employers have cover for employees such as the Civil Service who would pay Civil Servants full pay for 6 months if off sick followed by 6 months half pay. Other employers will also provide similar benefits for their staff.
Looking at the policy it appears that the PPI is a single premium PPI and single premiums have just been banned from being sold and other PPI has been stopped from being added at the point of sale.
IMO write and see what they say then make a decision to get cheaper PPI and cancel and reclaim the existing one from paragon.
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Well as expected Paragon said that they did not sell me the PPI and that I should contact e-loans. E-loans does not trade anymore so I assume I will have to contact the FSCS. Should I send another letter to Paragon? I'm going to cancel my PPI anyway but should I also mention that I think they should refund my PPI?
Well as expected Paragon said that they did not sell me the PPI and that I should contact e-loans. E-loans does not trade anymore so I assume I will have to contact the FSCS. Should I send another letter to Paragon? I'm going to cancel my PPI anyway but should I also mention that I think they should refund my PPI?
I would cancel your PPI but please ensure you have cover from another source you can get PPI relatively cheaply if you shop around. Do not leave yourself at risk.
It is obvious Paragon have put up a brick wall against your complaint but IMO they are the ones who have signed the Consumer Credit Agreement.
I would submit a complaint to the fos about Paragon. You can find all the relevant information in the links below. Telephone numbers addresses and the FOS will help you to get started. I would not accept what Paragon are telling as the CCA is signed by you and them and no one else. So complain and let the FOS make a ruling. If the FOS do not uphold your complaint then you can still make a claim through the FSCS. The fact you bang in a complaint against Paragon will at least make then have to pay the FOS a £500 fee so that is no bad thing. I will have a bet that the FOS will uphold your complaint but it will take a long time for you to get a result.
The FOS will probably give you a case number make a note as you must use this on all correspondence also make copies of all the letters you have from Paragon and the ones you have sent because the FOS will require copies to help them assess your complaint.
Do not give in I believe you will eventually get your PPI back.
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Hi
Please can somebody help with these calculations. Just can't get my head around the figures.
Our loans was for £36 000. On top of this they added £7931 for PPI. On the agreement is says the PPI will be £12772.80 with interest. We started paying this loan in December 2005. I've cancelled the PPI at the beginning of this month and asked for a statement. The statement says that I've paid £3253.59 for the PPI up to the date I cancelled. At the moment the fos is dealing with my mis-sold PPI so I think they will be working on the amount of £3253.59. What I don't get is the new loan instalment. Last month the instalment was £438 which £78.98 was for PPI. When I asked Paragon what my new instalment is they said £417.11. This does not make any sense and I'm very confused. I'm not really sure what to do and would appreciate some help with the monthly instalment.
Thanks, I assumed that was the case. What confuses me is the monthly repayments before I cancelled the PPI and after I cancelled the PPI. According to their statement my monthly payment was £438.00 which included £78.98 for the PPI. Now that I cancelled the PPI, they reckon my monthly payment is £417.11. How did they work that one out? Surely my monthly payment must be £438.00 minus £78.98. Right or wrong?
Mey it would appear that they have changed the interest rate very naughty of them as the interest rate should stay as it was.
I see this loan was a variable interest rate loan so it looks like they are leaning on this to up the payment also naughty of them at a time when interest rates are coming down.
As the fos are dealing with this complaint you need to inform them of this by letter.
So today I received a letter from Paragon which states:
"In signing your credit agreement, you confirmed that the premium for the insurance of £7931.00 was to be added to the amount of your cash loan. Paragon, in good faith, has funded the purchase of the insurance on your behalf. On cancelling your insurance the rebate you were entitled to was £1156.78 which was applied to the outstanding balance on your account".
Can somebody please advise me as the PPI premium with interest was £12772.80. Surely they should refund at least part of the interest.
Paragon or Easy Loans?
with one of these companies.
Reply With Quote
.
I will have a bet that the FOS will uphold your complaint but it will take a long time for you to get a result.
